PPP Loan Data — Choice Of India Restaurant & Lounge, Portland, OR
Choice Of India Restaurant & Lounge is a limited liability company (LLC) located at 305 Nw, 21st Ave in Portland, Oregon that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in June, 2020.
The company has reported itself as an Asian female owned business, and employed at least two people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:OnPoint Community CU
Choice Of India Restaurant & Lounge in Portland, OR received a Paycheck Protection Loan of $25,000 through OnPoint Community CU, which was approved in June, 2020.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
Based on the standard PPP eligibility formula, it may be possible to estimate the payroll expenses represented by a company on their PPP application (see details above). In order to qualify for the PPP loan amount received, Choice Of India Restaurant & Lounge's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Choice Of India Restaurant & Lounge reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Choice Of India Restaurant & Lounge in Portland, OR
305 Nw, 21st Ave
Portland, OR 97209
NAICS code 722511
Business Owner Demographics
Gender: Female Owned
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Portland
In the Portland area, 125 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 16 employees (compared to this company's 2) and received an average PPP loan of $132,233 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Marrakesh Moroccan Restaurant Of Portlan
Joonsung Trading Inc
Casa Tolteca, LLC
Elim Sushi Inc
Concept Entertainment Four, LLC
PDX Sierrec LLC
Fullers Coffee Shop
Industry PPP Comparison Statistics
Nationwide, 328,914 businesses in the "Full-Service Restaurants" industry received a total of $42.6B in PPP loans. These businesses account for 3% of total PPP applications submitted, and received 5% of the total PPP funding allocated.
PPP recipients in this industry report an average of 22 employees, 1000% higher than Choice Of India Restaurant & Lounge's reported 2 employees, and received an average PPP loan of $129,504, 418% higher than this company's loan of $25,000.
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